1 Toyota Tsusho Corporation Financial Highlights for the Nine Months Ended December 31, 2019 [IFRS basis] (Consolidated) January 31, 2020 (Amounts rounded down to the nearest million yen) 1. Consolidated Financial Results for the Nine Months Ended December 31, 2019 (April 1, 2019 to December 31, 2019) (1) Operating Results (Percentage figures represent year-on-year changes) Revenue Operating profit Profit before income taxes Profit Profit attributable to owners of the parent Total comprehensive income Nine Months Ended million yen % million yen % million yen % million yen % million yen % million yen % December 31, 2019 5,060,141 (0.9) 164,068 (0.7) 184,234 2.2 133,778 6.0 116,588 6.1 116,940 222.4 December 31, 2018 5,106,013 5.1 165,175 11.7 180,287 0.9 126,252 (1.8) 109,844 (3.6) 36,277 (83.5) Basic earnings per share Diluted earnings per share Nine Months Ended yen yen December 31, 2019 331.35 - December 31, 2018 312.16 - Note: “Basic earnings per share” is calculated based on “Profit attributable to owners of the parent.” (2) Financial Position Total assets Total equity Equity attributable to owners of the parent Ratio of equity attributable to owners of the parent to total assets As of million yen million yen million yen % December 31, 2019 4,686,878 1,443,445 1,262,772 26.9 March 31, 2019 4,441,464 1,389,616 1,195,826 26.9 2. Dividends Record date or period Dividend per share End-first quarter End-second quarter End-third quarter Fiscal year-end Annual total yen yen yen yen yen Year ended March 31, 2019 - 50.00 - 50.00 100.00 Year ending March 31, 2020 - 60.00 - Year ending March 31, 2020 (forecast) 60.00 120.00 Note: No changes were made to the latest release of dividend forecasts. Listings Tokyo Stock Exchange (the first section), Nagoya Stock Exchange Security code 8015 URL https://www.toyota-tsusho.com/english/ Representative Ichiro Kashitani, President & CEO Contact Yasushi Aida, General manager, Accounting Department Telephone +81 52-584-5482 Scheduled dates: Submission of quarterly securities report February 14, 2020 Dividend payout - Supplementary materials to the quarterly results Available Quarterly financial results briefings Yes (targeted at institutional investors and analysts)
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Toyota Tsusho Corporation
Financial Highlights
for the Nine Months Ended December 31, 2019
[IFRS basis] (Consolidated) January 31, 2020
(Amounts rounded down to the nearest million yen)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2019 (April 1, 2019 to December 31, 2019)
Note: No changes were made to the latest release of earnings forecasts.
*Notes
(1) Changes affecting the consolidation status of significant subsidiaries (changes in specified subsidiary resulting in
change in scope of consolidations) during the period: Yes
Newly consolidated: One (Name) Toyota Tsusho Thai Holdings Co., Ltd.
(2) Changes in accounting policy and changes in accounting estimates:
1) Changes in accounting policy required by IFRS: Yes
2) Changes other than the above 1): None
3) Changes in accounting estimates: None
Note: For details, please refer to (Changes in Accounting Policy) on page 13.
(3) Number of issued shares (common stock)
1) Number of issued shares at end of period (Treasury shares included):
December 31, 2019: 354,056,516 shares
March 31, 2019: 354,056,516 shares
2) Number of shares held in treasury at end of period:
December 31, 2019: 2,209,316 shares
March 31, 2019: 2,169,311 shares
3) Average number of shares outstanding during the period:
Nine Months Ended December 31, 2019: 351,859,265 shares
Nine Months Ended December 31, 2018: 351,884,948 shares
*Quarterly review status
This report is exempt from the quarterly review by certified public accountant or audit firm.
*Appropriate use of earnings forecasts and other important information
1. The above forecasts, which constitute forward-looking statements, are based on information available to the Company
as of the date of the release of this document. Actual results may differ materially from the above forecasts due to a
range of factors.
2. The Company is scheduled to hold a quarterly earnings briefing for institutional investors and analysts on Friday,
January 31, 2020. The presentation materials for the earnings briefing will be posted on its website promptly following
the earnings announcement.
*This is an abridged translation of the original Japanese document and is provided for informational purposes only. If there are any
discrepancies between this and the original, the original Japanese document prevails.
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1. Consolidated Results of Operations
(1) Overview of Operating Performance
1) Business Environment
In the first nine months of the fiscal year (April 1 – December 31, 2019), the global economy as a whole trended
toward slower growth because of factors including an economic slump in Europe and China, despite a robust U.S.
economy. Prolongation of the conflict between the U.S. and China led to worldwide heightening of concern about
an economic downturn.
The Federal Reserve Board’s interest rate cuts and other financial policies underpinned business activity in the
U.S., and a recovery trend fueled by continuing strength in the employment environment and personal consumption
continued, despite slowing of corporate capital investment and production resulting from concerns about the impact
of trade friction between the U.S. and China. In the European economy, although personal consumption and
government consumption remained firm, signs of economic deceleration stemming from prolongation of a
manufacturing slump continued. Also, the outlook for the future remained uncertain amid fraught Brexit
negotiations between the UK and EU. In the Chinese economy, the trend of economic deceleration continued in the
wake of a slump in infrastructure investment and deterioration of consumer sentiment, despite attempts to prop up
the economy with tax cuts, subsidies, and other economic policies amid economic rebalancing from investment-led
to consumption-led growth. Also, slowing of economic growth came into sharp focus due to the continuing impact
of trade friction with the U.S. The slowdown in economic growth in emerging market economies continued as a
result of factors including declining exports and stagnant resource prices resulting in part from slowing of the
Chinese economy.
Against this backdrop, in Japan an export slump centered on automobiles and iron and steel continued due to
the impact of economic deceleration in China, and manufacturing production remained weak. Although the
employment and income environments improved, domestic demand cooled due in part to a series of natural
disasters, and the Japanese economy showed a trend toward slower growth. Also, concerns about an economic
slowdown strengthened in response to trade frictions and sluggishness in Europe, China, and other overseas
economies. 2) Business Activities by Segment
(I) Metals
For the purpose of reducing illegal disposal and appropriately disposing of end-of-life vehicles in India, in October
2019 Toyota Tsusho Corporation, together with Toyota Tsusho India Private Limited and Maruti Suzuki India
Limited, an Indian subsidiary of Suzuki Motor Corporation, established Maruti Suzuki Toyotsu India Private
Limited, a vehicle dismantling and recycling joint venture.
(II) Global Parts & Logistics
For the purpose of bolstering assistance for Japanese companies entering Cambodia, in December 2019 Techno
Park Poi Pet Pvt Co., Ltd. concluded a business partnership agreement with Sanco Cambo Investment Group Co.,
Ltd. concerning a second Techno Park rental factory.
(III) Automotive
To help resolve social problems such as traffic congestion and air pollution, in November 2019 the Toyota Tsusho
Group acquired an equity stake in start-up venture Super Highway Labs Private Limited, provider of Shuttl, an
app-based medium- and long-distance bus service operated in six cities in India as a new mobility service.
(IV) Machinery, Energy & Projects
October 2019 marked the start of commercial operation of a 262.5 MW wind power plant that the Company,
together with Eurus Energy Holdings Corporation, constructed in the Arab Republic of Egypt for the purpose of
contributing to the spread of clean, low-priced renewable energy and further expansion of the wind power
generation business.
(V) Chemicals & Electronics
For the purpose of contributing to resolution of heat and noise issues in electronic devices and shortening of
development times, in August 2019 NEXTY Electronics Corporation acquired an equity stake in Ultimate
Technologies Inc., continuing a collaborative partnership.
(VI) Food & Consumer Services
For the purpose of functional enhancement of a health support business that utilizes personal health data, in August
2019 the Group acquired an equity stake in, and entered into a business alliance with, M-aid Co., Ltd. On the
occasion of the equity investment in M-aid Co., Ltd., the Group also entered into a business alliance with Sugi
Pharmacy Co., Ltd. for the purpose of constructing a next-generation preventive medical services model.
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(VII) Africa
For the purpose of strengthening its automotive sales foundation in Africa, in November 2019, CFAO SAS
acquired through a subsidiary, shares in Unitrans Motor Holdings Proprietary Limited, a leading automobile dealer
network operator in South Africa.
3) Operating Results
The Toyota Tsusho Group's consolidated revenue for the nine months ended December 31, 2019 decreased 45.9
billion yen (0.9%) year on year to 5,060.1 billion yen, largely as a result of the effect of currency translation due to
the strong yen.
Consolidated operating profit decreased 1.1 billion yen (0.7%) year on year to 164.0 billion yen because of a
decrease in gross profit and an increase in selling, general and administrative expenses, which offset improvement
in foreign exchange gains/losses, etc. Consolidated profit (attributable to owners of the parent) increased 6.7 billion
yen (6.1%) year on year to 116.5 billion yen, largely as a result of a gain on sale of shares in an affiliate in the
Machinery, Energy & Project Division, which offset deterioration of share of profit (loss) of investments accounted
for using the equity method accompanying impairment losses in the Metals Division. Segment Information
(I) Metals
Profit for the period (attributable to owners of the parent) decreased 13.2 billion yen (47.3%) year on year to 14.7
billion yen, largely as a result of decrease in trading volume of automobile production-related products and
impairment loss in the metal resources business.
(II) Global Parts & Logistics
Profit for the period (attributable to owners of the parent) was at the prior-year level, increasing 0.2 billion yen
(1.1%) year on year to 19.1 billion yen.
(III) Automotive
Profit for the period (attributable to owners of the parent) decreased 3.4 billion yen (19.7%) year on year to 13.8
billion yen, largely as a result of a decrease in sales volume at overseas auto dealerships.
(IV) Machinery, Energy & Projects
Profit for the period (attributable to owners of the parent) increased 21.2 billion yen (182.9%) year on year to 32.8
billion yen, boosted largely by a gain on sale of shares in an affiliate in the electric power business and the impact
of a one-time loss in the previous fiscal year.
(V) Chemicals & Electronics
Profit for the period (attributable to owners of the parent) decreased 3.1 billion yen (17.4%) year on year to 14.7
billion yen, largely due to profit margin shrinkage in the electronics business.
(VI) Food & Consumer Services
Profit for the period (attributable to owners of the parent) increased 1.2 billion yen (54.6%) year on year to 3.5
billion yen, largely as a result of improvement in share of profit (loss) of investments accounted for using the
equity method in the food business.
(VII) Africa
Profit for the period (attributable to owners of the parent) increased 5.3 billion yen (89.8%) year on year to 11.2
billion yen, largely as a result of automotive sales growth.
(2) Consolidated Financial Condition
At December 31, 2019, consolidated assets totaled 4,686.8 billion yen, a 245.4 billion yen increase from March 31,
2019. The increase is attributable in part to a 150.7 billion yen increase in property, plant and equipment.
Consolidated equity at December 31 totaled 1,443.4 billion yen, a 53.8 billion yen increase from March 31, 2019.
The increase is attributable in part to a 76.5 billion yen increase in retained earnings accruing from consolidated
profit for the period (attributable to owners of the parent).
(3) Outlook for Fiscal Year Ending March 31, 2020
The consolidated earnings forecast issued on April 26, 2019 remains unchanged
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2. Consolidated Financial Statements
(1) Consolidated Statement of Financial Position
(Unit: Millions of yen)
As of March 31, 2019 As of December 31, 2019
Assets
Current assets
Cash and cash equivalents 465,861 469,443
Trade and other receivables 1,397,937 1,314,769
Other financial assets 60,525 119,210
Inventories 745,157 827,776
Other current assets 133,764 143,503
Total current assets 2,803,246 2,874,702
Non-current assets
Investments accounted for using the equity
method 285,074 273,552
Other investments 454,647 483,654
Trade and other receivables 27,264 27,568
Other financial assets 40,796 35,487
Property, plant and equipment 612,587 763,230
Intangible assets 157,278 163,768
Investment property 18,628 19,048
Deferred tax assets 15,973 18,457
Other non-current assets 25,967 27,408
Total non-current assets 1,638,217 1,812,176
Total assets 4,441,464 4,686,878
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(Unit: Millions of yen)
As of March 31, 2019 As of December 31, 2019
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables 1,199,839 1,177,236
Bonds and borrowings 509,924 532,448
Other financial liabilities 15,679 22,415
Income taxes payable 24,627 29,470
Provisions 6,224 5,937
Other current liabilities 133,762 141,661
Total current liabilities 1,890,057 1,909,169
Non-current liabilities
Bonds and borrowings 993,122 1,048,817
Trade and other payables 2,302 82,097
Other financial liabilities 20,964 27,543
Retirement benefits liabilities 41,752 42,785
Provisions 26,208 41,273
Deferred tax liabilities 63,661 64,400
Other non-current liabilities 13,779 27,345
Total non-current liabilities 1,161,790 1,334,263
Total liabilities 3,051,847 3,243,433
Equity
Share capital 64,936 64,936
Capital surplus 150,933 151,711
Treasury shares (3,596) (3,730)
Other components of equity 50,394 40,190
Retained earnings 933,159 1,009,663
Total equity attributable to owners of the
parent 1,195,826 1,262,772
Non-controlling interests 193,789 180,673
Total equity 1,389,616 1,443,445
Total liabilities and equity 4,441,464 4,686,878
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(2) Consolidated Statements of Profit or Loss and Comprehensive Income
Consolidated Statement of Profit or Loss
(Unit: Millions of yen)
Nine Months Ended
December 31, 2018
Nine Months Ended
December 31, 2019
Revenue
Sales of goods 5,034,481 4,981,463
Sales of services and others 71,531 78,678
Total revenue 5,106,013 5,060,141
Cost of sales (4,626,308) (4,583,803)
Gross profit 479,705 476,338
Selling, general and administrative expenses (311,388) (317,595)
Other income (expenses)
Gain (loss) on sale and disposals of non-current
assets, net 325 1,616
Impairment losses on non-current assets (2,726) (331)
Other, net (740) 4,039
Total other income (expenses) (3,141) 5,325
Operating profit 165,175 164,068
Finance income (costs)
Interest income 7,989 10,025
Interest expenses (20,082) (22,541)
Dividend income 21,478 17,625
Other, net 864 14,110
Total finance income (costs) 10,249 19,219
Share of profit (loss) of investments accounted for
using the equity method 4,862 946
Profit before income taxes 180,287 184,234
Income tax expense (54,034) (50,455)
Profit for the period 126,252 133,778
Profit (loss) for the period attributable to:
Owners of the parent 109,844 116,588
Non-controlling interests 16,408 17,190
Earnings per share attributable to owners of the
parent
Basic earnings per share (yen) 312.16 331.35
Diluted earnings per share (yen) - -
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Consolidated Statement of Comprehensive Income
(Unit: Millions of yen)
Nine Months Ended
December 31, 2018 Nine Months Ended
December 31, 2019
Profit for the period 126,252 133,778
Other comprehensive income
Items that will not be reclassified to profit or
loss:
Remeasurements of defined benefit pension
plans 264 407
Financial assets measured at fair value
through other comprehensive income (70,942) 17,315
Share of other comprehensive income of
investments accounted for using the equity
method
(937) (168)
Items that may be reclassified to profit or loss:
Cash flow hedges 1,197 (5,486)
Exchange differences on translation of
foreign operations (19,058) (27,316)
Share of other comprehensive income of
investments accounted for using the equity
method
(499) (1,589)
Other comprehensive income for the period, net
of tax (89,975) (16,837)
Total comprehensive income for the period 36,277 116,940
Total comprehensive income for the period
attributable to:
Owners of the parent 22,088 105,524
Non-controlling interests 14,189 11,415
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(3) Consolidated Statement of Changes in Equity
Nine Months Ended December 31, 2018 (April 1, 2018 to December 31, 2018) (Unit: Millions of yen)
Total equity attributable to owners of the parent
Share
capital
Capital
surplus
Treasury
shares
Other components of equity
Remeasurements of
defined benefit
pension plans
Financial assets
measured at
FVTOCI*
Cash flow
hedges
Exchange differences on
translation of foreign
operations
Total
Balance at the beginning of the
period 64,936 150,921 (3,578) - 248,425 (12,961) (105,520) 129,943
Profit for the period
Other comprehensive income
Remeasurements of defined
benefit pension plans 235 235
Financial assets measured at
FVTOCI* (70,758) (70,758)
Cash flow hedges 2,016 2,016
Exchange differences on
translation of foreign operations (19,249) (19,249)
Total comprehensive income for
the period - - - 235 (70,758) 2,016 (19,249) (87,756)
Dividends
Acquisition (disposal) of treasury
shares 0 (18)
Acquisition (disposal) of non-
controlling interests 4
Reclassification to retained
earnings (235) 420 184
Other
Total transactions with owners - 4 (18) (235) 420 - - 184
Balance at the end of the period 64,936 150,926 (3,597) - 178,087 (10,944) (124,770) 42,372
Total equity attributable to owners of the parent Non-controlling
interests Total equity
Retained earnings Total
Balance at the beginning of the
period 832,495 1,174,718 187,468 1,362,187
Profit for the period 109,844 109,844 16,408 126,252
Other comprehensive income
Remeasurements of defined
benefit pension plans 235 0 236
Financial assets measured at
FVTOCI* (70,758) (1,093) (71,851)
Cash flow hedges 2,016 313 2,330
Exchange differences on
translation of foreign
operations
(19,249) (1,440) (20,690)
Total comprehensive income
for the period 109,844 22,088 14,189 36,277
Dividends (34,858) (34,858) (13,323) (48,181)
Acquisition (disposal) of
treasury shares (18) (18)
Acquisition (disposal) of non-
controlling interests 4 914 918
Reclassification to retained
earnings (184) - -
Other 19 19
Total transactions with owners (35,043) (34,872) (12,389) (47,261)
Balance at the end of the period 907,296 1,161,934 189,268 1,351,202
*Financial assets measured at FVTOCI represents “Financial assets measured at Fair Value through Other Comprehensive Income.”
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Nine Months Ended December 31, 2019 (April 1, 2019 to December 31, 2019)
(Unit: Millions of yen)
Total equity attributable to owners of the parent
Share
capital
Capital
surplus
Treasury
shares
Other components of equity
Remeasurements of
defined benefit
pension plans
Financial assets
measured at
FVTOCI*
Cash flow
hedges
Exchange differences on
translation of foreign
operations
Total
Balance at the beginning of the
period 64,936 150,933 (3,596) - 192,460 (10,226) (131,839) 50,394
Profit for the period
Other comprehensive income
Remeasurements of defined
benefit pension plans 283 283
Financial assets measured at
FVTOCI* 17,250 17,250
Cash flow hedges 621 621
Exchange differences on
translation of foreign
operations
(29,218) (29,218)
Total comprehensive income
for the period - - - 283 17,250 621 (29,218) (11,063)
Dividends
Acquisition (disposal) of treasury
shares 0 (133)
Acquisition (disposal) of non-
controlling interests 777
Reclassification to retained
earnings (283) 1,142 859
Other
Total transactions with owners - 777 (133) (283) 1,142 - - 859
Balance at the end of the period 64,936 151,711 (3,730) - 210,853 (9,605) (161,057) 40,190
Total equity attributable to owners of the parent Non-controlling
interests Total equity
Retained earnings Total
Balance at the beginning of the
period 933,159 1,195,826 193,789 1,389,616
Profit for the period 116,588 116,588 17,190 133,778
Other comprehensive income
Remeasurements of defined
benefit pension plans 283 (0) 282
Financial assets measured at
FVTOCI* 17,250 22 17,272
Cash flow hedges 621 (3,020) (2,399)
Exchange differences on
translation of foreign
operations
(29,218) (2,775) (31,993)
Total comprehensive income
for the period 116,588 105,524 11,415 116,940
Dividends (38,728) (38,728) (11,002) (49,731)
Acquisition (disposal) of treasury
shares (132) (132)
Acquisition (disposal) of non-
controlling interests 777 (13,518) (12,741)
Reclassification to retained
earnings (859) - -
Other (494) (494) (11) (506)
Total transactions with owners (40,083) (38,579) (24,532) (63,111)
Balance at the end of the period 1,009,663 1,262,772 180,673 1,443,445
*Financial assets measured at FVTOCI represents “Financial assets measured at Fair Value through Other Comprehensive Income.”
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(4) Consolidated Statement of Cash Flows
(Unit: million yen)
Nine Months Ended
December 31, 2018
Nine Months Ended
December 31, 2019
Cash flows from operating activities
Profit before income taxes 180,287 184,234
Depreciation and amortization 57,294 76,333
Impairment losses on non-current assets 2,726 331
Finance costs (income) (10,249) (19,219)
Share of (profit) loss of investments accounted for using the
equity method (4,862) (946)
(Gain) loss on sale and disposals of non-current assets, net (325) (1,616)
(Increase) decrease in trade and other receivables (35,642) 87,810
(Increase) decrease in inventories (121,193) (62,086)
Increase (decrease) in trade and other payables 67,150 (51,498)
Other (20,691) (8,561)
Subtotal 114,493 204,779
Interest received 7,814 9,379
Dividends received 38,398 32,331
Interest paid (18,198) (20,550)
Income taxes paid (56,658) (58,361)
Net cash provided by operating activities 85,848 167,578
Cash flows from investing activities
(Increase) decrease in time deposits 7,455 (53,256)
Purchase of property, plant and equipment (45,865) (69,366)
Proceeds from sale of property, plant and equipment 6,504 6,562
Purchase of intangible assets (9,334) (8,761)
Proceeds from sale of intangible assets 1,984 425
Purchase of investment property - (1,208)
Proceeds from sale of investment property 4,286 760
Purchase of investments (40,263) (16,988)
Proceeds from sale of investment 1,628 23,042
Proceeds from (payment for) acquisition of subsidiary (603) (22,717)
Proceeds from (payment for) sale of subsidiaries 3,941 897
Payments for loans receivable (7,417) (4,992)
Collection of loans receivable 10,167 5,363
Subsidy income - 9,849
Other 474 290
Net cash used in investing activities (67,041) (130,099)
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(Unit: million yen)
Nine Months Ended
December 31, 2018
Nine Months Ended
December 31, 2019
Cash flows from financing activities
Net increase (decrease) in short-term borrowings, net 60,510 (21,565)
Proceeds from long-term borrowings 84,836 90,195
Repayment of long-term borrowings (126,307) (62,221)
Proceeds from issuance of bonds 56,132 53,161
Purchase of treasury shares (20) (134)
Dividends paid (34,858) (38,728)
Dividends paid to non-controlling interests (13,323) (11,002)
Proceeds from non-controlling interests 1,708 4,952
Payments for acquisition of subsidiaries’ interest from non-
controlling interests (2,166) (26,380)
Proceeds from sale of subsidiaries’ interest to non-controlling
interests 137 263
Other (4,573) (17,737)
Net cash provided by (used in) financing activities 22,076 (29,197)
Net increase (decrease) in cash and cash equivalents 40,884 8,281
Cash and cash equivalents at the beginning of the period 423,426 465,861
Effect of exchange rate changes on cash and cash equivalents (5,085) (4,699)
Cash and cash equivalents at the end of the period 459,225 469,443
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(5) Notes on Consolidated Financial Statements
(Notes on the Going-Concern Assumption)
Not applicable
(Changes in Accounting Policy) (Leases)
Effective from the first quarter of the fiscal year ending March 31, 2020, the Group has adopted IFRS 16 Leases
(published January 2016). IFRS 16 requires lessees to apply a single model of accounting to recognize all leases on the consolidated
statement of financial position. At the commencement date of the lease, the lessee recognizes assets representing
the right to use the underlying asset (the right-of-use asset) during the lease term and the obligations relating to
the lease payments (lease liabilities). Then, the lessee recognizes a depreciation charge for the right-of-use asset
and interest on the lease liability separately.
With the adoption of IFRS 16, the following transitional measures and expedients have been applied. ・ The Group has elected a method to recognize the cumulative effect of initially applying IFRS 16 at the
date of initial application. ・ For leases that were entered into on or before the date of initial application, IFRS 16 is applied to the
leases that were previously identified as leases applying IAS 17 “Leases” and IFRIC 4 “Determining
Whether an Arrangement Contains a Lease.” ・ For short-term leases and low-value leases, the right-of-use assets and the lease liabilities are not
recognized. ・ On initial application, hindsight is used in determining the lease term.
The weighted average of the lessee’s incremental borrowing rate applied to lease liabilities recognized in the
statement of financial position at the date of initial application is 2.2%.
In addition, the difference between a) the total of minimum lease payments that are related to non-cancellable
operating lease contracts and disclosed applying IAS 17 as of March 31, 2019 and b) lease liabilities recognized
on initial application of IFRS 16 is 13,375 million yen. The amount mainly reflects the effects of reviewing the
lease term in conjunction with the application of IFRS 16.
Due to this, compared with what it would have been under the previous accounting standards, at the beginning
of the period right-of-use assets included in property, plant and equipment increased 92,878 million yen, and
lease liabilities included in trade and other payables increased 93,004 million yen.
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(Segment Information)
Revenue, Profit/loss and Assets by Reportable Segment
Nine Months Ended December 31, 2018 (April 1, 2018 to December 31, 2018)
Notes: 1. “Other” comprises businesses that are not included in reportable segments including functional services which provide
operation support to the whole Group. In addition, this column includes profit/loss that is not classified into a specific
reportable segment.
2. Figures in “Adjustments” represent the amounts of inter-segment transactions.
3. Prices in inter-segment transactions are decided based on negotiation on an individual basis.
(For reference)Outline of Consolidated ResultsOutline of Consolidated ResultsOutline of Consolidated ResultsOutline of Consolidated Results Toyota Tsusho Corporation(Unit: Billion yen)
×102.0102.0102.0102.0 2.1%1.7(9.3)
for the Nine Months ended December 31, 2019 (IFRS)for the Nine Months ended December 31, 2019 (IFRS)for the Nine Months ended December 31, 2019 (IFRS)for the Nine Months ended December 31, 2019 (IFRS)
*The top row for each division indicates gross profit; the bottom row indicates profit attributable to owners of the parent.1.33.3 26.5%100 yen 60 yen
Nine Months endedDecember 31, 2018(As of March 31,2019) Nine Months endedDecember 31, 20194.62.518.3110.0110.0110.0110.037.037.037.037.0 (111) 110(125) 123111 1093.5% Full year 94 yen0.39.3% Yen / USdollar
1.1 3.5% Increased largely due to improvement in share ofprofit/loss of investments accounted for using theequity method in the food business.Chemicals & Electronics 80.42.3 3.53.53.53.5 1.2
25.4%
US dollar LIBOR3M average65.265.265.265.2 0.1 Chemicals & Electronics 2.8%2.3%183.7%
Changes in MajorChanges in MajorChanges in MajorChanges in MajorIndexesIndexesIndexesIndexes89.8 97.0%107.518.7 3.2Food & ConsumerServices76.876.876.876.8 2.21%137.11.743.9 3.93.34.1
Dubai oil (US dollars / bbl.) 72 63Yen TIBOR 3Maverage 0.07% 0.07%9.5% Interest rate10.1%8.7% End ofperiod10.1 11.011.011.011.0 0.9 Yen /Euro 9MaverageAfrica 2.43%251.0251.0251.0251.0237.0237.0237.0237.0663.0663.0663.0663.0Profit beforeincome taxesOperating profitMachinery, Energy&Project 65.1
369Corporate3.8%
Total 479.7 476.3476.3476.3476.3 (3.4) (0.7%)109.8 116.5116.5116.5116.5 6.7 6.1%Food & ConsumerServices 33.5 34.634.634.634.6Africa 102.9 111.8111.8111.8111.8 8.9 8.6% Increased largely driven by growth in automobilesales volume.5.9 11.211.211.211.2 5.3 89.8%
(3.6) (4.5%) 9MaverageEnd ofperiod5.05.05.05.048.048.048.048.023.023.023.023.018.417.2 13.813.813.813.8Global Parts &Logistics AutomotiveGlobal Parts &LogisticsAutomotive 66.3 63.763.763.763.7 (2.6)(3.4)
Decreased largely due to decrease in tradingvolume of automobile production-related productsand impairment loss in the metal resourcesbusiness.(3.9%) Decreased largely due to decrease in sales volumehandled by overseas auto dealerships54.6% Decreased largely due to lower profit margin of theelectronics business.17.8 14.714.714.714.7 (3.1) (17.4%)
%Divisions
27.9 14.714.714.714.7 (13.2) (47.3%)18.9 (19.7%)0.1% Increased largely due to gain on sale of shares inaffiliate in the electric power business and theimpact of one-time loss in the previous fiscal year.11.6 32.832.832.832.819.119.119.119.1 0.2 1.1%(1.2)
21.2 182.9%
Profit attributable toProfit attributable toProfit attributable toProfit attributable toowners of the parentowners of the parentowners of the parentowners of the parent 109.875.335.3
93.093.093.093.024.024.024.024.092.092.092.092.024.024.024.024.022.788.723.7Machinery, Energy& Project57.5 56.356.356.356.3Total comprehensive income(attributable to owners of theparent) 22.0 105.5105.5105.5105.5 83.5 377.7%
Metals(2.2%) Remained almost unchanged from the same periodin the previous fiscal year.Metals 76.5Year endingMarch 31,2020DivisionsDivisionsDivisionsDivisions Nine Monthsended Dec.31, 2018 Nine Monthsended Dec.31, 2019 Year-on-year change Main factors behind year-on-year changesin profit attributable to owners of parent Dividend per shareDividend per shareDividend per shareDividend per shareConsolidated FinancialConsolidated FinancialConsolidated FinancialConsolidated FinancialResults ForecastsResults ForecastsResults ForecastsResults Forecasts Year ending March 31,Year ending March 31,Year ending March 31,Year ending March 31,2020202020202020(forecast revised on(forecast revised on(forecast revised on(forecast revised onOct. 31)Oct. 31)Oct. 31)Oct. 31) Interim 45 yen 50 yen%Year-on-year change2.2 Year endedMarch 31,2018 Year endedMarch 31,2019AmountYear endedMarch 31, 2019(results)70.670.670.670.6 (5.9) (7.7%)Amount 77.077.077.077.0
116.5116.5116.5116.5 6.7 6.1% Cash flows fromfinancing activities 22.0 (29.1)(29.1)(29.1)(29.1) (51.1)(67.0) (130.0)(130.0)(130.0)(130.0) (63.0)Income tax expense (54.0) (50.4)(50.4)(50.4)(50.4) 3.6 - 2. Cash flows frominvesting activitiesProfit before incomeProfit before incomeProfit before incomeProfit before incometaxestaxestaxestaxes 180.2 184.2184.2184.2184.2 4.0 2.2% 1. Cash flows fromoperating activitiesProfit for the periodProfit for the periodProfit for the periodProfit for the period 126.2 133.7133.7133.7133.7 7.5 6.0% 1-2: Free cash flow 18.8 37.537.537.537.5 18.7
Operating profitOperating profitOperating profitOperating profit 165.1 164.0164.0164.0164.0 (1.1) (0.7%) Nine Monthsended Dec. 31,2018 Nine Monthsended Dec. 31,2019 Year-on-year change85.8 167.5167.5167.5167.5 81.7Share of profit of investmentsaccounted for using the equitymethod 4.8 0.90.90.90.9 (3.9) -Other finance income (costs) 0.8 14.114.114.114.1 13.3 - Consolidated Cash FlowConsolidated Cash FlowConsolidated Cash FlowConsolidated Cash FlowPositionPositionPositionPositionInterest income (expenses) (12.0) (12.5)(12.5)(12.5)(12.5) (0.5) - Debt-equity ratio (times) 0.8 0.90.90.90.9Dividend income 21.4 17.617.617.617.6 (3.8) -SG&A expenses (311.3) (317.5)(317.5)(317.5)(317.5) (6.2) - (Non-current assets) 1,638.2 1,812.11,812.11,812.11,812.1 173.9Other income (expenses) (3.1) 5.35.35.35.3 8.4 - Total equity 1,389.6 1,443.41,443.41,443.41,443.4 53.8
154.4Amount % Amount %ConsolidatedConsolidatedConsolidatedConsolidatedOperatingOperatingOperatingOperatingResultsResultsResultsResults Nine Monthsended Dec.31, 2018 Nine Monthsended Dec.31, 2019 Year-on-year change Main factors behind year-on-year changes ConsolidatedFinancial PositionGross profitGross profitGross profitGross profit 479.7 476.3476.3476.3476.3 (3.4) (0.7%) (Current assets)RevenueRevenueRevenueRevenue 5,106.0 5,060.15,060.15,060.15,060.1 (45.9) (0.9%) Total assets
55.655.6 As of March31, 2019 As ofDecember 31,2019 Change over the end of theprevious fiscal year Main factors behind year-on-year changes12.0%
*The top row for each division indicates gross profit; the bottom row indicates profit for the period attributable to owners of parent.
52.923.52QQuarterly changesGross profitOperating profitProfit attributable toowners of the parent January 31, 2020
【Cash flows from operating activities】【Cash flows from operating activities】【Cash flows from operating activities】【Cash flows from operating activities】0.1118.8
Main factors behind year-on-year changesNet interest-bearing debt 988.4 1,107.21,107.21,107.21,107.2
3Q163.1
Profit for the nine months ended December 31,2019【Cash flows from investing activities】【Cash flows from investing activities】【Cash flows from investing activities】【Cash flows from investing activities】Purchase of property, plant and equipment andincrease
1Q158.6【【【【Gross profitGross profitGross profitGross profit】】】】 ----3.4 billion 3.4 billion 3.4 billion 3.4 billion yenyenyenyenDecreased largely due to decrease in trading volume of automobile production-related products in the Metals Division and lower profit margin in the Chemicals & Electronics Division, which offset growth in automobile sales volume in the Africa Division.【【【【Operating profitOperating profitOperating profitOperating profit】】】】 ----1.1 billion yen1.1 billion yen1.1 billion yen1.1 billion yenDecreased due to the decrease in gross profit and the increase in SG&A expenses, which offset improvement in foreign exchange gains/losses, etc.【【【【Profit attributable to owners of the parentProfit attributable to owners of the parentProfit attributable to owners of the parentProfit attributable to owners of the parent】】】】+6.7 billion yen+6.7 billion yen+6.7 billion yen+6.7 billion yenIncreased largely driven by gain on sale of shares in affiliate in the Machinery, Energy & Project Division, which offset deterioration of share of profit/loss of investments accounted for using the equity method accompanying impairment losses in the Metals Division.